Rahul Bhave Appointed as MD & CEO of IFCI

The government has approved the appointment of Rahul Bhave as the Managing Director (MD) and Chief Executive Officer (CEO) of the Industrial Finance Corporation of India (IFCI). Bhave, who previously served as Deputy Managing Director, has been appointed for a term of three years from the date he assumes office. The decision was approved by the Appointments Committee of the Cabinet (ACC), chaired by the Prime Minister.

Key Highlights

Appointment Details

• New Appointment: Rahul Bhave appointed as MD & CEO of IFCI.
• Tenure: Three years from the date of assuming office.
• Previous Role: Deputy Managing Director of IFCI.
• Approval Authority: Appointments Committee of the Cabinet (ACC), headed by the Prime Minister.

About IFCI

• Established on July 1, 1948, as India’s first development financial institution.
• Plays a crucial role in financing industrial and infrastructure projects.

Recent Government Initiative

• In November 2024, the Finance Ministry approved the ‘Consolidation of IFCI Group’.
• This involves merging IFCI Ltd with StockHolding Corporation of India Ltd and its other subsidiaries.

IFCI Group Merger Plan

• Merging into IFCI Ltd
• StockHolding Corporation of India Ltd
• IFCI Factors Ltd
• IFCI Infrastructure Development Ltd
• IIDL Realtors Ltd

Subsidiaries Merging into One Entity

• StockHolding Services Ltd
• IFCI Financial Services Ltd
• IFIN Commodities Ltd
• IFIN Credit Ltd

Direct Subsidiaries of the Consolidated Entity (IFCI)

• StockHolding Document Management Services Ltd
• StockHolding Securities IFSC Ltd
• IFIN Securities Finance Ltd
• IFCI Venture Capital Funds Ltd
• MPCON Ltd